Aramco Buys Global Valvoline Products Unit for $2.65 Billion

The American company “Valvoline” for the manufacture of motor oils and lubricants, announced on Monday that it has agreed to sell its global products unit to Saudi Aramco for $2.65 billion in cash.

Valvolin expects to use the majority of the money from the deal to accelerate share buybacks, reduce debt, and invest in the retail services business.

“Selling Global Products will be the successful outcome of our strategy to unlock the full, long-term value of our strong and differentiated global retail and product business,” said Sam Mitchell, CEO of Valvoline.

“We have built two leading companies that are well positioned to achieve continued success while pursuing their individual strategic priorities,” he added.

Valvoline is the world’s largest supplier of battery fluids to electric vehicle manufacturers and also manufactures automotive engine oils and lubricants for use in commercial vehicles and industrial equipment.

It is noteworthy that Valvoline was founded 156 years ago and has nearly 10,000 employees, while its revenues for the year 2020 amounted to approximately $2.4 billion.

 

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Aramco Buys Global Valvoline Products Unit for $2.65 Billion - /10

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The American company "Valvoline" for the manufacture of motor oils and lubricants, announced on Monday that it has agreed to sell its global products unit to Saudi Aramco for $2.65 billion in cash.

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